I write to inform you that at the Extraordinary General Meeting held on Monday 21 February 2011 shareholders voted to remove Mr Sha as a Director and retain the remainder of the Board. Two other resolutions were also passed, namely that the Auditors should be reappointed and that the Company should realise its assets in an orderly manner.

Following the meeting, the Board met and passed a resolution appointing two new independent Directors being myself and The Right Honourable Sir Jeremy Hanley KCMG. The suggestion to the Board for the appointment of Sir Jeremy Hanley and myself was made by one of your smaller shareholders who felt that we could help bring some resolution to the differences between the Company and its largest shareholder, whilst respecting the rights of all shareholders to fully participate in the Company’s value. In making the suggestion, I believe there was recognition of my experience in dealing with the realisation of assets for the benefit of shareholders and Sir Jeremy Hanley’s experience in negotiating and working with the Chinese government at the very highest levels. At the Board Meeting your Directors asked me to become Chairman of the Company.

The next few weeks will be spent by me reviewing the Company’s position in all matters. Hopefully I will be able to bring a fresh perspective to the position and will be travelling to the Far East to visit both Singapore and Hong Kong during the week from 11 March.

Dennis Bailey has indicated that now the Company’s Board has been strengthened he intends to retire as a Director from 31 March 2011 so that he can devote more time to his other interests. In the last two to three years Dennis has given tremendous service to the Company and its shareholders, who I am sure are most grateful to him.

Thank you for your continuing support and I hope to be able to report progress during the coming months.